Iran’s Foreign Ministry spokesman Bahram Qassemi said a European delegation is scheduled to visit Tehran to discuss a financial mechanism introduced by Europe to facilitate trade with Tehran, according to IRNA.

Recently, Britain, France and Germany issued a joint statement on the creation of the mechanism called the Instrument in Support of Trade Exchanges (INSTEX) that will facilitate trade between the European Union and Iran without relying on direct financial transactions that could be targeted by US sanctions.

Washington pulled out from the 2015 Iran nuclear agreement in May and reimposed sanctions against Iran.

The mechanism has been registered in Paris and will be financed jointly by the three European countries and run by a German banker. It is initially intended to be used for selling food, medicine and medical devices to Iran, but it could be expanded to cover other areas of trade in the future.

The Iranian Foreign Ministry spokesman said, “Inside Iran, relevant organizations are preparing a corresponding mechanism to be able to make their practical move on the European mechanism.”

He said experts from the two sides would discuss steps that should be taken for launching the financial mechanism.

Qassemi expressed hope that Iran and Europe can take other steps in this regard following the upcoming visit by the European delegation.